Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions relate to Malone Custom Furniture Manufacturings past month: 1. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40%

The following transactions relate to Malone Custom Furniture Manufacturings past month:

1. Incurred manufacturing wages of $30,000, 60% of which was direct labor and 40% of which was indirect labor.

2. Used in production: direct materials, $12,000; indirect materials,$5,500

3. Allocated manufacturing overhead to jobs, 150% of direct labor costs.

4. Completed production on jobs with costs of $55,000.

5. Sold inventory on account, $64,000; cost of goods sold, $35,000.

a. [15 points 3 points each] Record the journal entries for each of the transactions.

b. [5 points] Assume that actual manufacturing overhead costs were $25,000. Record the journal entry to adjust for underallocated/overallocated overhead.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Principles And Applications

Authors: Horace Brock, Linda Herrington, La Vonda Ramey

7th Edition

0071115609, 978-0071115605

More Books

Students also viewed these Accounting questions

Question

U.S. productivity would be much higher if it wasn't for unions.

Answered: 1 week ago

Question

What did Tolman mean by intervening variable?

Answered: 1 week ago